Bank of America BAC Stock Analysis 8/5/09

Bank of America Corporation Stock Chart - The following is Bank of America Corp.(NYSE:BAC) technical analysis for August 5, 2009

Bank of America Support & Resistance Levels - 8/5/09

Resistance Levels: $16, $17.93

Support Levels: $14, $13.06

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Bank of America continues to break out after breaking the $13.93 and $15.06 highs. Pullbacks to the 10 day moving average would be good for a trade and if the 50 day moving average is hit, i'd take a more long term position.

Resistance is yesterday's high of $15.98 as well as the December 2008 high of $17.93. If BAC stock can close above $17.93, it could easily run back in the $20's. Right now BAC is showing overbought conditions but can remain this way for a long time. I would be watching for a close below the 10 day moving average for signs of weakness

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